Book Description
From the "guru to Wall Street's gurus" comes the fundamental techniques of value investing and their applications
Bruce Greenwald is one of the leading authorities on value investing. Some of the savviest people on Wall Street have taken his Columbia Business School executive education course on the subject. Now this dynamic and popular teacher, with some colleagues, reveals the fundamental principles of value investing, the one investment technique that has proven itself consistently over time. After covering general techniques of value investing, the book proceeds to illustrate their applications through profiles of Warren Buffett, Michael Price, Mario Gabellio, and other successful value investors. A number of case studies highlight the techniques in practice.
Bruce C. N. Greenwald (New York, NY) is the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University. Judd Kahn, PhD (New York, NY), is a member of Morningside Value Investors. Paul D. Sonkin (New York, NY) is the investment manager of the Hummingbird Value Fund. Michael van Biema (New York, NY) is an Assistant Professor at the Graduate School of Business, Columbia University.
Customer Reviews:
Exceptional Addition for Any Investor.......2007-07-07
Fantastic summary of modern value investing. Greenwald looks at the discipline with the critical eye of a professor, making it more informative than many other books about the subject. Even seasoned value investors will learn from this book.
Must-read for value investors!.......2007-07-01
What I Liked About It
* Details several valuation methods that I haven't seen in other non-academic, mainstream investing books.
* Several real-world examples to apply valuation methods
* Great treatment of brands vs. franchises
What Needed Work
* Various investor profiles unnecessarily fill the 2nd half of the book.
* Attempts at quantifying "franchise" felt a bit forced.
Greenwald's book ranks at the very top of my investing bookshelf. I read this after having read Graham, Greenblatt, Klarman, Lynch, P. Fisher, Cramer (yes, that Cramer!), Dorsey, Buffett, and Browne among others. Amazingly, this book broached a number of topics not covered by those prominent authors. As such, this book is required reading for the discerning investor.
The most important concepts this book gave me were valuation methods based on net asset value (NAV) and earnings power value (EPV). Before this, I had trouble valuing companies that didn't generate steady cash flow or have commodity assets. Now I have more angles from which to examine a prospect and find undervalued companies besides running a DCF analysis. We've heard about past opportunities where you could have bought a company like McDonalds for the price of its real estate and gotten the business for free. Greenwald shows you how to find these opportunities using his asset valuation methods. He also gives you the tools to fairly value "tech" companies (or any enterprise with heavy intangible capital). Less convincing is his discussion of earnings power value but nonetheless, it's still helpful to be able to examine a company's earnings ability.
Greenwald also spends time discussing problems with discount cash flow analysis (DCF) as well as franchises. While his thoughts on these subjects were thought-provoking, I don't completely agree with his conclusions.
On DCF, Greenwald says that trying to project future growth rates 5-10 years forward is folly and will distort your DCF analysis. While he is right that future growth projections are problematic, that doesn't mean DCF isn't helpful for individual investors. Greenwald concedes that his preferred methodologies require, in some instances, in-depth knowledge of the business and industry of the company being examined. The non-professional (me!) may not have this expertise and any estimates of asset worth or capital costs would be just as faulty as analyst growth estimates. In fact, an adjusted future growth rate derived from a number of industry-knowledgeable analysts may be more generally accurate (if imprecise).
The main knock against the book is the whole second half consisting of eight investor profiles. There's nothing wrong with them per se except that they are in the book at all. If I had wanted a book on famous value investors, I would have picked up something by Kirk Kazanjian. The chapter on Warren Buffett is almost exclusively quotations taken from freely available public reports and Seth Klarman has written his own book on investing.
I've written a more-indepth review at my enlightened-american website but in summary, my advice is to soak in the 1st half of the book and skip the 2nd half entirely. Dig into an annual report instead and start applying what Greenwald's shown you.
A MUST READ.......2006-11-13
find weak areas with strong fundamentals is secret according to this book. this is a good combo to Investing Without Losing (ISBN: 0978834607 NOT on amazn, on other stores), one is about the concept and the latter is about execution
the most comprehensive review on value.......2006-09-20
In short, this book is grounded on economics and common sense. It summarizes "the intelligent investor", "security analysis", and the modern books on Buffett pretty well (there are other paths to heaven besides Buffett's). Its verbiage is beautifully chosen and a joy to read, especially for avid value investors. Best of all it is a scholarly work - if you're sick and tired of the commercial investing books that flood bookstores, buy this book.
Must-read for serious investors of any stripe.......2006-08-12
A must-read for investors of any stripe, growth or value. This book, written by a couple of the most popular professors at Columbia Business School, explains the innovations in the field of value investing as practiced by some of the most successful investors in the field. (fair disclosure: I will be taking courses from them in 2007) This book successfully bridges the gap between the traditional Graham & Dodd style of value investing to what works today. Although it's a paperback, it's written with the density of a textbook. The writing style is not light, and the actual meat of the book takes some time to wade through. If you don't have some experience in accounting or corporate finance, then Joel Greenblatt's The Little Book That Beats the Market is good to read first.
The substance of this book is a process for modern value investing: value investing is not investing in lousy companies just because they appear cheap. The authors also teach a structured way to value a company. Finally, the authors address how to value growth.
First, before reading this book I had the mistaken impression that value investing was all about investing in the ugliest, least interesting company you could find just because it had a low P/E ratio. I was completely wrong! (Maybe I have attended too many stock pitch sessions and heard too many poultry stocks and encyclopedia companies get pitched.) Modern value investing, according the authors: "When B. Graham went scouring financial statements looking for his net-nets, it did not concern him that he may have known little about the industry in which he found his targets. All he was concerned with were asset values and a margin of safety by that measure. A contemporary value investor had better be able to identify and understand the sources of a company's franchise and the nature of its competitive advantages. Otherwise he or she is just another punter, taking a flier rather than making an investment." What a breath of fresh air to read this passage.
Second, this book lays out a structured way to value a company by first looking at reproduction costs of assets, then earnings power, and finally the value of profitable growth. I, like the authors, find traditional DCF valuations to be plagued by false precision. The authors' more practical method starts by adjusting the balance GAAP balance sheet to calculate the cost of the assets for a potential business entrant. Next, the company is valued based on the earnings generates consistently, assuming no growth. A key insight is the value of the franchise: the difference between asset value and Earnings Power Value is the value created by a company that has significant competitive advantage. Last, the value of profitable growth is considered.
As a self-admitted recovering growth stock addict, I learned from this book that value investors are skeptical about growth for two reasons. One reason is that it is so hard to predict, but more important, many times growth is not worth much. Unless the return on capital (ROC) of the company is higher than the cost of capital, growth does not create value. (I am a slow learner; Greenblatt's example in The Little Book That Beats the Market of opening an additional gum store is even clearer to me.) The growth matrix and formulas in the book were a revelation to me. The surprising thing is how little multiple expansion a stock deserves based on growth. Unless a company truly has a franchise, expanding into other areas and "diversifying" the business often destroys value. And growth for growth's sake will not make a stock go up.
This book brings value investing into the modern stock market. Modern value investors still use traditional valuation principles in a structured way, but they also consider the value of growth and the attractiveness of the business. What a relief, I not restricted to buying typewriter and pay phone stocks! The authors quote Warren Buffett: It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.
Average customer rating:
- Age of Apocalypse-The Prequel
- Good series
- great storyline
- Comics most powerful villian at his best
- Book 1 for fans... Book 2 in comparison
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X-Men: The Complete Age of Apocalypse Epic, Book 1
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X-Men: The Complete Age of Apocalypse Epic, Book 2
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X-Men: The Complete Age of Apocalypse Epic, Book 3
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X-Men: The Complete Age of Apocalypse Epic, Book 4
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House of M (X-Men, New Avengers)
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X-Men: The New Age of Apocalypse
ASIN: 0785117148 |
Book Description
It begins here! The critically acclaimed, fan-favorite storyline that rocked the X-Men Universe to its core is collected across four volumes! In a cracked-mirror world ruled by the genocidal mutant despot Apocalypse, only one hope remains: Magneto and his Astonishing X-Men! The first in a four volume series collecting the entire Age of Apocalypse storyline.
Customer Reviews:
Age of Apocalypse-The Prequel.......2007-10-14
I have to disagree with the people who think this was an ill advised attempt to rip off the comic reading consumer. Because of their advice I skipped Volume 1 and went directly to Volume 2, and spent a long time trying to figure out what was going on in this counter universe. I now see that if taken as a prequel (because it really doesn't feature Apocalypse) it offers all the background you need to understand what is to follow. It would have made for a more enjoyable read. OK, I do agree that the Blink mini-series was ill placed, but I feel the Marvel team felt they needed to bulk up the book to make it worth the money.
Good series.......2007-09-05
This came out when i went to college and stopped collecting comic books for monetary reasons. I was always a huge X-Fan, and am glad I picked up the whole series. The first book is pretty cool as a retelling of X-Men #1, with Magneto in place of Professor X and Apocalypse filling in for Magneto as the Big Bad.
Read back to back the whole series seems a bit disjointed, but you'll have that with a cross title series. If you are an X-Men lover, and are in for a long story, this is a good series to have.
great storyline.......2007-05-13
this includes all the comic that is associated w/ the AoA storyline so you don't miss a thing. it might be a little confusing for the average reader who has no information to the AoA background, but w/ a little marvel knowledge of the universe and continuities then you will appreciate this collection a lot more.
Comics most powerful villian at his best.......2006-08-16
What can I say Ensabuh Nur is simply amazing as the anti-christ of this book he actually feels that he is God in this Story alot of shocking suff goes on in this story guys who are usually bad are good and the ones who are usually good are bad plus this story arc gave birth to many characters that are around to this day.
Book 1 for fans... Book 2 in comparison.......2006-01-21
Most fans would rather they made this book vol. 2 and the second vol. sould have been first. But this is because everyone likes the other issues (and for good reason) more.
However, If you are a true fan of the AOA series then you should have no problem accepting this as the first vol.
Yes, some of the issues in vol. 1 really art exactly the most important for readers to start with... but like I said if you are a fan then you will appreacate their attempt to lay down some backstory to the characters before you get to the meaty AOA issues.
The most obviously unnecessary series is the 4 part mini Blink seris... however, since she is a more recently added character it is, i feel, important to lay down her character before moving on.
And other back points are important too. Like the death of the scarlet witch, or the examples of the gambit-rogue-magneto love triangle.
To wrap it up... if you are a casual reader... then buy Vol.2. But if your a true AOA fan... this is a Must!
Customer Reviews:
Falling Out of Love.......2007-08-03
Face it ... when you buy this book on how to fall out of love, chances are you are hurting. This book takes a behaviorist approach to breaking an obsessive connection to a person who you still love but who, for whatever reason, is no longer available to you.
There's an old joke that says that every time a dog salivates, a behaviorist psychologist somewhere has to quick run and ring a bell. But there is this ... the behaviorist approach can have quick positive results in certain situations, and rescuing people from helpless love is one of those situation. Other books on this topic seem to spend all their time endlessly describing the behaviors of people who are compulsive-obsessive about someone. This little book gets right down to cases, giving guidelines for a step by step practical program to help get your mind off that "special person" who occupied it hundreds of times a day.
Beginning with this technique of "thought stopping", the authors continue with a series of steps to take the reader through the process of breaking the old connection and forming a connection with a new partner successfully. Those who love obsessively have experienced the terrible situation where the former lover that you can't forget becomes a "third wheel" on a new romance. This book shows, step by step, how that can be prevented as well.
All in all, a very good practical approach to a vexing problem that many people who love deeply will face at some time in their lives.
Helped me.......2006-09-02
This book helped me a great deal with my own relationship problems. I also reccomend Confusing Love with Obsession by John D. Moore
Hard hitting.......2006-03-30
This is a good book for getting an unproductive or destructive relationship out of your head much more quickly and permanently than time alone will. Be sure you want to before you start. There's even the possibility you could become "just friends" without wanting to repeat past mistakes.
The authors warn you up front, there are some raw psychological approaches used here, where you deliberately change your view of a person. Moving from adoration, to silliness, to outright ugliness if need be, you reverse the "attractive" thought processes that get us so caught up in the first place. If you keep an open mind and just do it you may be surprised at the results. Mr./Ms. unshakeable weren't always up on a golden pedestal and if you know they shouldn't be, this is your chance to quit reinforcing it, break it down, and move on to better things.
Very insightful really hit home.......2005-12-09
I actually found this book in the free donated books section of the library and I needed help with this subject. I was skeptical at first but in reading it, I was amazed at how close the ideas in the book hit home. I started trying them and they are working.
This is an excellent book, it may not help everyone but at the price you can find this for used here, why not give it a try. For me, it was brilliant.
Clinical to say the least.......2005-11-12
I think this book has a heart that is in the right place, but I just couldn't get on board with some of the messages (see review below me!).
I did find a forum online that was very helpful to me and an ebook that helped me to deal with my breakup. I recommend
The BreakUp Workbook as well as their forum to help you deal with a man that has wrecked you!
Book Description
Since 1980, Michael Porter's classic Competitive Strategy has provided the methodology that most big companies use for strategic analysis. But now, distinguished Columbia Business School professor Bruce Greenwald offers a bold new theory of competitiona theory that is far simpler than Porter's and much easier for strategic planners to apply in the real world.
Porter identified a complex five-force model for studying competition in any market. But Greenwald argues that there is only one essential factor in determining competitive advantages: how easy it is for competitors to enter or expand in a given market. If a company can erect strong barriers to entrythrough customer captivity, lower production costs, or economies of scaleit can manage these advantages, anticipate competitors' moves, or achieve stability through bargaining and cooperation.
Greenwald draws on game theory to explain what you should do if barriers to entry are strong, weak, or nonexistent. He covers a wide range of examples, from retail to telecommunications to auction houses. And his lessons can be applied whether your business is dominated by a single huge player, a handful of roughly equal players, or no one at all.
Competition Demystified will give executives and strategic planners an indispensable new way to exploit competitive advantage and achieve exceptional profits. It is destined to become a management classic.
Customer Reviews:
Good opening, followed by boring "already knew" business examples.......2006-09-26
Reading the begining of this book I was totally blown away by this book. It was intresting to read about the concept of barriers of entry and local dominance that the writers has their own thoughts about. This is new stuff (diffrent from Micahel Porter) but not enough to write a whole book. So what is followed is already famous examples of competitive wars between famous companies that has taken place. The writers try to prove their theories but in reality, I dont buy it. Wanna learn more about strategy, go for the military books. Or go for Co-ompetition, thats a better book.
A guide to becoming a strategist.......2006-03-09
My two key takeaways from reading Greenwald's well-argued and counterintuitive premise are:
1. There are but a few fundamental sources of competitive advantage
2. Most companies can tap these sources at a local level (not a national or international level)
These show that the front-line manager - the regional coordinator of retail chain or the country manager of service firm - has the power (and the obligation) to pursue local competitive advantages. Greenwald provides a simple, intuitive method for helping such "front-line strategists" seek out a competitive edge.
I recommend this highly for anyone who aspires to be a strategist.
Interesting Insights, Flawed Conclusions!.......2006-01-13
Greenwald lays out what he calls a simplified theory of competitive strategy," followed by analyses of a number of real-life situations. While the theory usually makes sense, Greenwald's application is not always as compelling.
"Competition Demystified" begins by observing that for at least the last half century, strategy has been a major focus of management concern. Sometimes enormous consequences flow from decisions not even thought to be strategic - eg. IBM's outsourcing creation of its PC operating system and CPU manufacturing. Regardless, effective strategy is central to business success.
Greenwald says that the first issue is selecting the arena of competition, and the second involves management of external agents. Barriers to entry is the area one should focus on first, and primarily in these analyses. If there are no barriers many strategic concerns can be ignored - the only option is to focus on being as efficient and effective as possible.
Greenwald believes that competitive advantages that lead to market dominance are much more likely to be found in a local arena (either geographic or product space). Further, there are only three kinds of genuine competitive advantage: supply (privileged access, proprietary technology protected by patents or experience), demand (eg. psychological or actual costs of switching - includes branding, loyalty programs, laborious setup and coordination issues), and scale economics.
An elephant (vs. ants) with a competitive advantage has as its priority to sustain what it has, and must recognize the sources and limits of its competitive advantages. Alternatively, companies with a competitive advantage may have potent competitors (eg. Coke - Pepsi, Boeing - Airbus). In this situation strategy formulation is most intense and demanding. They need to know what those competitors are doing and anticipate reactions to moves the company might make.
A common managerial axiom is to avoid commodity businesses - differentiate. However, Greenwald says that this doesn't work - Mercedes and Cadillac are clearly differentiated products, but their high original returns attracted new entrants (Lexus, BMW, Accura) and they now earn only average returns. (Another alternative is for existing competitors - eg. Lincoln - to expand; Lincoln, however was not successful in accomplishing this.) "Competitive Demystified" also notes that over-capacity, especially in a capital-intensive area - airlines, can create long-term poor profits. (This contradicts Southwest Airlines' success.)
Simple products and processes are not fertile ground for proprietary technological advantage. These are hard to patent (looks like "common sense") and easy to transfer (competitors could hire away employees). Similarly, technological advantages primarily provided by consultants or suppliers cannot be markets with substantial competitive advantages provided by technology.
The best strategy for an incumbent with economies of scale is to match the moves of an aggressive competitor - be they price cut, new product, or new frill. Any market share lost to rivals narrows the leader's edge. (Alternatively, competitive advantage based on customer captivity or cost advantages is not affected by market share loss.)
Greenwald believes that only a few industries have scale economies that coincide with global size - eg. Microsoft, Intel. Most are local. Meanwhile, growth of a market is generally the enemy of advantages based on scale.
Then, we come to application problems. My guess is that if American Airlines, etc. had tried to match Southwest's early fares in Texas (Greenwald's recommendation) they would have been found guilty of predatory practices under anti-trust laws, and severely hurt themselves economically in any case.
Greenwald comments negatively at length on Wal-Mart's decision to go national, pointing out that its financial returns fell when it did so, because its competitive advantage was mostly through local saturation, and not squeezing suppliers or superior distribution, etc. However, I cannot help but believe that if Wal-Mart had remained a regional phenomena it would not have the supplier leverage it has (Greenwald's financial review of this topic was overly superficial, at best); regardless, it would have been bought by a larger competitor (eg. K-Mart, Sears) and then probably atrophied in an alien management climate. Further, it probably would not earned sufficient funds to develop its computerized management systems for store replenishment and inventory control.
In Wal-Mart's case Greenwald forgot a basic rule of economics - maximum profits are reached by expanding until marginal revenues meet marginal costs. In addition, my understanding of the stock market is that maximum share price is attained through strong, steady profit growth (even if incurred at declining rates).
Other analyses within the book can be similarly attacked. My conclusion is that strategic planning is MORE complicated than Greenwald tries to make it out to be. Nonetheless, his book does provide useful background.
Disappointing.......2005-12-16
The book starts on the premise that competitive strategy is a complex subject and that Michael porter did give us a good structure/framework to analyze this phenomenon to succeed in the market place. Then the author is quick to add that among all forces analyzed by porter, "barriers to entry" is the most significant factor that affects competitive strategy. This is how the author sets the stage to explain "Competition Demystified"
With this quick and firm conclusion on the most significant factor affecting competitive strategy, the book starts off with case after case to justify this hypothesis. To simplify things, it looks at sustained profit margins and continuity of the key players in the given space as a proof for entry barriers. This approach is perhaps to support the second part of the title of the book "A Radically Simplified Approach to Business Strategy ". Granted that the cases discussed do justify the assumptions and are supported by hard facts or published numbers. But if competition lends itself to just a couple of variables, then every company can follow the strategy and hence no competition at all!. In fact one can say "The end of competition". Kindly recall "The end of history..."
The book however deserves praise for use of Game Theory in a simple non mathematical approach to analyze competitive situations and the behavior of the players. But again, this approach is just a part of the problem and not a full explanation of competitive strategy.
Given the speed of globalization and technological changes especially the internet in the last decade, the book fails to incorporate such forces that significantly affect the success of global firms.
Too voluminous, and fails to impress on what it sets out to accomplish.
Outstanding!.......2005-10-31
Competition Demystified is truly a great business book. An eye-opener, particularly for marketers - and a shocker for those who are still enamored of branding. For more, see
http://being-reasonable.com/index.php/weblog/permalink/bookshelf_competition_demystified/
Book Description
Multiprotocol routers have been used in data networks for decades, but routers built specifically for Storage Area Networks (SANs) are a recent innovation. This book covers multiprotocol SAN routing in general and the Brocade SilkWorm Multiprotocol Router platform in particular.
Multiprotocol SAN routers today usually provide three services: Fibre Channel to Fibre Channel routing, iSCSI to Fibre Channel bridging, and FCIP tunneling for distance extension. The subjects covered for each service include theory, usage cases, and advice on designing, implementing, and managing routed SANs. "Multiprotocol Routing for SANs" offers the first comprehensive look at this cutting-edge technology.
Download Description
Multiprotocol routers have been used in data networks for decades, but routers built specifically for Storage Area Networks (SANs) are a recent innovation. This book covers multiprotocol SAN routing in general and the Brocade SilkWorm Multiprotocol Router platform in particular. Multiprotocol SAN routers today usually provide three services: Fibre Channel to Fibre Channel routing, iSCSI to Fibre Channel bridging, and FCIP tunneling for distance extension. The subjects covered for each service include theory, usage cases, and advice on designing, implementing, and managing routed SANs. "Multiprotocol Routing for SANs" offers the first comprehensive look at this cutting-edge technology.
Customer Reviews:
What a wonderfully detailed book (even for the seasoned professional)........2005-07-19
Hello:
I read Multiprotocol Routing for SAN's (and I've read many SAN and opensystems books in my career as an OpenSystems engineer) and I must tell you that this one is so well written. From text copy, to footnotes, to cross references within the book, to its glossary, it just flows so well, with a wealth of tangible information. There is so much you can both learn and/or recall just by reading it because it was put together so thoughtfully. As its name suggests, it is a book tackling the issues and opportunities associated with SAN routing; but, in doing so, it also reviews and compares competing and complementary technologies, which leads to as thorough a treatment of the subject matter as is possible in a book of this size. Don't be put off by its highlighting of the Brocade AP7420 router during the discussion because the book, as a whole, transcends that with its overall knowledge; and, as a matter of fact, referring to that model router takes the book from theoretical to tangible.
Finally, the digital PDF edition (I have both) is easy on the eyes because of the books dimensions. You can easily read two pages side to side.
Well done Josh.
Average customer rating:
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X-Men: The Complete Age of Apocalypse Epic, Book 4
Scott Lobdell ,
Warren Ellis ,
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Terry Dodson ,
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Manufacturer: Marvel Comics
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X-Men: The Complete Age of Apocalypse Epic, Book 3
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X-Men: The Complete Age of Apocalypse Epic, Book 2
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X-Men: The Complete Age of Apocalypse Epic, Book 1
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House of M (X-Men, New Avengers)
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Decimation: X-Men - The Day After (House of M)
ASIN: 0785120521 |
Book Description
Learn who lives and who dies in either reality as the apocalyptic arc ends in treachery and tragedy! While certain heroic humans prove their mettle without armor or magic hammers, it's a race to see who the X-Men will destroy first: Apocalypse or themselves! But even with the crisis concluded, new allies and enemies emerge, guaranteeing that reality will still never be the same! Featuring the dawn of Gene Nation and a turning point for the Legacy Virus! Collects Generation Next #4, X-Calibre #4, X-Man #4 & #53-54, Factor X #4, Gambit And The X-Ternals #4, Amazing X-Men #4, Weapon X #4, X-Universe #2, X-Men: Omega, Blink #4 and X-Men: Prime
Customer Reviews:
Great.......2007-04-07
What can I say? I'm a big fan of alternative realities in the Marvel universe...
Excellent novel.......2007-02-24
This novel does an excellent job finishing up the story. It gives all of the finishing details needed to find out how it all ends.
Book Description
The use of membranes is increasing throughout industry, and particularly the water industry.The municipal water industry, which is concerned with the provision of clean drinking water to the population, is a big user and developer of membrane technology which helps it to provide water free of pathogens, chemicals, odours and unwanted tastes. Municipal authorities also have to process sewage and waste water, and membranes are used extensively in these processes.
The MBR Book covers all important aspects of Membrane BioReactors in water and waste water treatment, from the fundamentals of the processes via design principles to MBR technologies. Industrial case studies help interpret actual results and give pointers for best practice. Useful appendices provide data on commercial membranes and international membrane organisations.
* Major growth area in the water industries
* Internationally-known author
* Principles and practice, backed by case studies
Book Description
With a completion time of 75+ hours, this text features extensive step-by-step instructions combined with numerous screen illustrations to enable users to learn by doing. Solid end-of-chapter materials provide a strong reinforcement tool for learning. Case profiles show the reader the real world applications of the material they have covered while case projects emphasize the practical applications of the skills they have learned. Special sections with Internet, Caution, Notes and software TIPS provide helpful insights and enrichment information. SCANS competencies are clearly identified as well.
Customer Reviews:
On Time.......2005-01-13
They delivered quickly and gave be the book I ordered. Not one with a different ISBN#.
Book Description
To harness the full power of computer technology, economists need to use a broad range of mathematical techniques. In this book, Kenneth Judd presents techniques from the numerical analysis and applied mathematics literatures and shows how to use them in economic analyses.
The book is divided into five parts. Part I provides a general introduction. Part II presents basics from numerical analysis on R^n,including linear equations, iterative methods, optimization, nonlinear equations, approximation methods, numerical integration and differentiation, and Monte Carlo methods. Part III covers methods for dynamic problems, including finite difference methods, projection methods, and numerical dynamic programming. Part IV covers perturbation and asymptotic solution methods. Finally, Part V covers applications to dynamic equilibrium analysis, including solution methods for perfect foresight models and rational expectation models. A web site contains supplementary material including programs and answers to exercises.
Customer Reviews:
Great job!.......2007-05-19
The book was in a great condition, and it arrived just as promised.
An excellent and useful text.......2006-09-10
This is the type of book I've been looking for for a long time: It tells you directly what problems are solved by numerical approximation, what methods have been developed for such applications, how to use them, what to watch out for and most importantly, what "tricks" are available to make things easier - this is something you will never pick up in an academic paper and in very few courses.
The structure is very illuminating: simple examples of common problems are followed by generalized versions which are usefull for anyone to apply to their own work. Care is taken to point out the strenghts and weaknesses of various procedures so that the best one can be selected.
As to the critisisms that it does not go deep enough: its not supposed to. It covers in enough detail most (all) of the important methods used by the top economic researchers today, and if the problem you are working on requires more detail than is in the text, precise and extensive references are provided to further understand that particular area.
a very practical and forthright book.
too hard for uninitiated.......2006-07-28
this book may be good for those who already know smth about numerical methods.
An essential resource for all applied economists........1999-05-04
Judd ties together a vast amount of material--from the most basic to the most advanced--that is essential to anyone doing computational work in economics, econometrics or finance. The book is sufficiently self-contained to serve as the single reference book on computational methods for the average economist. In addition, Judd highlights the origins of most methods and points to strengths, weaknesses, and future theoretical research directions. Economic/finance examples are used throughout the book to make the concepts easy to understand and apply. The only thing keeping this book from being perfect is a complete set of software tools, but given the breadth of the book, this might be too much to ask.
Product Description
Storage Area Networks provide highly reliable, high-performance connectivity between hosts and storage devices. This allows storage resource sharing, improving asset utilization, and enabling solutions such as high availability, disaster recovery, information lifecycle management, and utility computing. These solutions provide a high return on investment, resulting in an accelerating SAN adoption rate in all IT markets. This book provides an overview of SAN protocols and technologies, and practical guidance on SAN design, implementation, and management topics. Some future SAN trends and technologies are discussed, but the focus is on designing SANs with current, real-world products such as Fibre Channel switches and routers. Principles of SAN Design offers a "one stop shop" for SAN design knowledge. Why wait? Read the definitive work on SAN design today!
Customer Reviews:
Nice book.......2007-03-08
I like this book. If your job is a counsount you realy need that.
Enjoyed the book.......2006-07-07
I think this book has done a great job of informing me about the task of SAN Design and contains bountiful information about Fibre Channel's prowess in SAN design. I will echo the sentiments of the other poster. iSCSI is never spoken about in a really positive light. I think this is perhaps a bit short sighted as there are differing performance needs for SAN design and a Designer would have to be silly not to look at every avenue.
I think Judd has written the book in a very informative manner and I enjoyed reading the footnotes about what "other" vendors have done or haven't done. I can always verify this on my own but I might not even think to look at certain aspects of a particular product. This book brings those extra topics into the discussion.
This "is" a Brocade book so we're talking about Brocade solutions here and I'm sure you'd read a slightly different version from Qlogic or McData but all in all it was pretty fair. Fair enough that I'm considering grabbing the book on Multiprotocol Routing. Regards
Pretty good introduction to SAN technology and design principles.......2006-01-13
I thought this book was a good introduction into the basic technologies, design principles, and design considerations that go into building a high-performance SAN. I enjoyed the author's use of real life customer examples and also practical principles that almost seem obvious (after he states them of course).
My only complaint is the pejorative view of iSCSI technology -- he basically says you would have to be dumb as a post to use iSCSI, and therefore, doesn't give very much good information on it. Since I was looking for a relatively unbiased look at SAN's, this lowered my rating overall.
That aside though, this is a great starting point to understanding the in's and outs of SAN design and operation. I would recommend it to anyone.
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